City gives money-losing parking garage $4 mil loan

Published 2:29 pm, Tuesday, September 6, 2011

The City Council on Tuesday unanimously approved loaning the Pacific Place Garage up to $4 million to help pay for operations through December of next year.

It's the second time the City has stepped in recently to help out the garage it owns. Late last year the Council approved a loan of up to $1.5 million to Pacific Place, the parking facility on 6th and Pine that the City has operated since the late 1990s.

The City originally bought the 1,200-stall garage to try to spark Downtown business development. It was able to cover its expenses until 2009.

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However the economic Downturn has exposed the garage's financial weaknesses. Despite trying a variety of different things, Pacific Place is about $1.3 million in debt, the City says.

In order to try to fix its finances, City officials say the garage is considering adjusting rates, either upward or downward, decreasing overall operating expenses and finding other ways for the garage to make money.

Earlier this year the City lowered rates at Pacific Place – especially for short-term parkers. A $2 rate for 30 minutes took effect. Previously, parkers had to pay $5 for one hour. The one-hour rate was be lowered to $3. Two hour parking was $5, down from $7, and the tab for three hours came down from $9 to $7.